Second Borrowing Milestone definition

Second Borrowing Milestone means the achievement by Borrower of Revenue with respect to sales of the Products, for any consecutive three month period, of at least $7,000,000 during such period; provided that such three month period must end no later than December 31, 2014.
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Second Borrowing Milestone means the achievement by Borrower and its Subsidiaries of (x) Revenue with respect to sales of the Product in the United States, for the immediately preceding three month period, of at least $12,000,000 during such period; provided that such three month period must end no later than the date that is twelve months after the Closing Date, or (y) (i) Revenue with respect to sales of the Product in the United States, for the immediately preceding three month period, of at least $8,000,000 during such period; provided that such three month period must end no later than the date that is twelve months after the Closing Date, and (ii) FDA 510(k) approval for the sale and marketing of t:connect, a web based therapy management application that interfaces with the Product.
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Second Borrowing Milestone has the meaning set forth in Section 6.02(c).
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Examples of Second Borrowing Milestone in a sentence

  • The Notice of Borrowing required pursuant to Section 6.03(d) and Section 2.02 shall have been received no later than 90 calendar days following achievement of the Second Borrowing Milestone.

  • Borrower shall have delivered to the Lenders a notice certifying achievement of the Second Borrowing Milestone no later than 45 days after achieving such milestone, which notice shall demonstrate in reasonable detail such achievement and be accompanied by such financial information supporting such certification as may be reasonably requested by the Lenders.

  • If the Borrower wishes to draw the Second Borrowing, then the Borrower shall have delivered to the Lenders a notice certifying achievement of the Second Borrowing Milestone no later than 60 days after achieving such milestone, and the Lenders shall have been reasonably satisfied with the results of its audit of the Borrower’s Revenue by examining the Borrower’s books and records within 30 days following the delivery of such notice.

  • Confirmation that the Borrower’s Revenue from the sale of the Products has exceeded [redacted in accordance with Section 12.2(3) of National Instrument 51-102] during any consecutive twelve (12) month period (the “Second Borrowing Milestone”), provided that the Second Borrowing Milestone shall be achieved no later than December 31, 2016.

Related to Second Borrowing Milestone

  • L/C Borrowing means an extension of credit resulting from a drawing under any Letter of Credit which has not been reimbursed on the date when made or refinanced as a Revolving Credit Borrowing.

  • Borrowing Minimum means (a) in the case of Eurocurrency Loans, $1,000,000, (b) in the case of ABR Loans, $1,000,000 and (c) in the case of Swingline Loans, $500,000.

  • Term B Borrowing means a borrowing consisting of simultaneous Term B Advances of the same Type made by the Term B Lenders.

  • Notice of Revolving Credit Borrowing has the meaning specified in Section 2.02(a).

  • Term SOFR Borrowing means a Borrowing comprised of Term SOFR Loans.

  • RFR Borrowing means, as to any Borrowing, the RFR Loans comprising such Borrowing.

  • Eurocurrency Revolving Facility Borrowing means a Borrowing comprised of Eurocurrency Revolving Loans.

  • Term A Borrowing means a borrowing consisting of simultaneous Term A Advances of the same Type made by the Term A Lenders.

  • Incremental Term Borrowing means a Borrowing comprised of Incremental Term Loans.

  • Borrowing Multiple means (a) in the case of a Borrowing denominated in US Dollars, US$1,000,000 and (b) in the case of a Borrowing denominated in any Alternative Currency, 1,000,000 units of such currency.

  • Revolving Credit Borrowing means a borrowing consisting of simultaneous Revolving Credit Loans of the same Type and, in the case of Eurodollar Rate Loans, having the same Interest Period made by each of the Revolving Credit Lenders pursuant to Section 2.01(b).

  • Term Borrowing means a borrowing consisting of simultaneous Term Loans of the same Type and, in the case of Eurodollar Rate Loans, having the same Interest Period made by each of the Term Lenders pursuant to Section 2.01(a).

  • SOFR Borrowing means, as to any Borrowing, the SOFR Loans comprising such Borrowing.

  • Canadian Borrowing means a Borrowing of Canadian Loans.

  • Borrowing Tranche means specified portions of Loans outstanding as follows: (i) any Loans to which a LIBOR Rate Option applies which become subject to the same Interest Rate Option under the same Loan Request by the Borrower and which have the same Interest Period shall constitute one Borrowing Tranche, and (ii) all Loans to which a Base Rate Option applies shall constitute one Borrowing Tranche.

  • Revolving Facility Borrowing means a Borrowing comprised of Revolving Facility Loans.

  • ABR Revolving Facility Borrowing means a Borrowing comprised of ABR Revolving Loans.

  • Notice of Committed Borrowing has the meaning set forth in Section 2.02.

  • LIBOR Borrowing means a Borrowing comprised of LIBOR Loans.

  • LIBO Borrowing means a Borrowing comprised of LIBO Loans.

  • Incremental Term Loan Borrowing Date means, with respect to each Class of Incremental Term Loans, each date on which Incremental Term Loans of such Class are incurred pursuant to Section 2.01(b) and as otherwise specified in any amendment providing for Incremental Term Loans in accordance with Section 2.22.

  • Revolving Credit Extension Request shall have the meaning provided in Section 2.14(f)(ii).

  • Committed Borrowing means a borrowing consisting of simultaneous Committed Loans of the same Type and, in the case of Eurodollar Rate Loans, having the same Interest Period made by each of the Lenders pursuant to Section 2.01.

  • Incremental Amount means, at any time, the excess, if any, of (a) $200.0 million over (b) the aggregate amount of all Incremental Term Loan Commitments and Incremental Revolving Facility Commitments established prior to such time pursuant to Section 2.21.

  • Minimum Borrowing Amount means, with respect to any Borrowing of Loans, $500,000 (or, if less, the entire remaining Commitments at the time of such Borrowing).

  • Eurocurrency Borrowing means a Borrowing comprised of Eurocurrency Loans.